At Refined Lending, we believe that buying a home should be a painless process; especially for those who have risked it all for our country. Our team is built of educated and devoted VA home loan specialists who are experienced in streamlining the loan process for Veterans, Active Military, and Military Spouses. We are honored to work for the men and women who served in the armed forces, and are proud to put our knowledge and experience to work for them.

VA Home Loans are different than regular loans. There are different rules, different restrictions, and luckily, most differences are designed to benefit the Veteran. We provide all of the details and information to the buyer, ensuring they feel prepared for what lies ahead. Continue reading below for information on;

  1. fees you never pay
  2. costs that a veteran is allowed to pay for
  3. interest rates
  4. adapted housing grants
  5. and more!


Costs that Veterans Never Pay

According to Veterans United, there are several fees that you cannot pay as a veteran:

  • Termite or pest inspections on purchase transactions
  • Realtor commissions or a mortgage broker fee
  • Loan prepayment penalties
  • Attorney fee that benefits the lender (non-title work, basically)

Additionally, Military.com says that veterans can’t pay for:

  • Underwriting
  • Escrow
  • Processing
  • Document
  • Tax Service

Costs that a Veteran is Allowed to Pay for

Military.com states that the best way to remember which costs a veteran is allowed to pay for is to use the acronym ACTORS:

A– Appraisal

C– Credit Report

T– Title Insurance

O– Origination Fee

R– Recording Fee

S– Survey

Interest Rates

  • We offer interest rates that are substantially lower than the national average; 0.5% – 0%
  • According to the U.S. Department of Veterans Affairs, Interest Rate Reduction Refinance Loan (IRRRL):also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan
  • Additionally, the department sates that Purchase Loans help you purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance.

Adapted Housing Grants

The U.S. Department of Veterans Affairs states that Adapted Housing Grants, which help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability are required in a VA Home Loan. For more information, visit The U.S. Department of Veterans Affairs website today!

More Information

  • According to The Mortgage Reports, the advantages of a VA Home Loan are endless:
    • Lower rates
    • VA loans require no minimum down payment
    • They do not require mortgage insurance ever
    • There is no prepayment penalty
    • The closing costs are limited
    • an assumption feature that allows other VA-eligible borrowers to take over your loan in the event you sell your home
  • The Mortgage Reports also mention that the Requirements to receive a VA Home Loan are minimal
    • Show us that you are VA-eligible (we need a Certificate of Eligibility also known as a COE)

For even more information on why a VA Home Loan has so many benefits; visit the VA Home Loans page today!

 

2 replies
  1. Trinity Banning
    Trinity Banning says:

    I have a mortgage thru your company , I recently got married and my hubby is disabled , I was looking into a cash out refinance to help with some bills but I was told that in the state of Missouri any refinance would automatically make the loan a community ( joint ) loan and if we ever go in default or foreclosure, due to loss of job, is this true or is there anything that can prevent my husbands involvement financially , would his land be at risk?

    Reply
  2. Sherri Nasuti
    Sherri Nasuti says:

    Just curious as to how the appraisal process works? We are looking to refinance our current home which is under a land/home contract with individual. I’m assuming our house used to be a single wide trailer. The only thing left of the trailer is the frame which is under the house. Inside is completely remodeled as well as outside. No visuals of it being a trailer. Do you have any type of loans for that?Thanks.

    Reply

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